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New York

French luxury conglomerate eyes Drake site for hotel

Luxury brand operator LVMH is sizing up CIM’s Drake site at 440 Park Avenue between 56th and 57th streets as a potential site for its upcoming Cheval Blanc Hotel and other retail opportunities, the New York Post reported.

LVMH founded the Cheval Blanc brand in 2006, opening a hotel in the Alps, and has since developed a hotel management concept.

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“They are looking at developing a high-stakes hotel, apartments and retail for their brands,” a person with knowledge of LVMH’s interest told the Post. “This is the best single piece of land in the city.”

The French multinational luxury goods conglomerate, born out of the 1987 merger of fashion house Louis Vuitton with Moët Hennessy, has been looking to expand its presence near the Drake site, the area where it’s “campus” is located, the Post said. It’s presence currently spans from its headquarters at 19 East 57th Street at Fifth Avenue to Park Avenue. [Post]

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CIM GroupHotel Market